This position is responsible for collaborating with Senior Executives to develop the overarching pricing strategy. This position has primary responsibility for calculations for determining the pricing strategy including administrative fee levels, retention levels, community-rated pricing and individual product pricing. This position is responsible for overseeing complex calculations to determine the likelihood of various outcomes related to dental insurance.
This position presents statistical information to executives, sales and account management, underwriters and others to support their decisions about the pricing of insurance policies and product development initiatives. This position acts as a liaison by communicating and collaborating with cross-functional teams across Stratacor and with vendor teams, as applicable, regarding actuarial and product development needs. This position's responsibilities include: pricing strategy development, oversight of rating tool development and maintenance, cost of care analytics, and review of liability for claims incurred but not reported on a monthly basis. The Chief Actuary works collaboratively with the Underwriting department, CFO and others within the organization.
This position is offered by Abōva Talent, LLC, a subsidiary of Stratacor and affiliate of Delta Dental of Minnesota.
Reviews profitability analysis and works with Underwriting to ensure we are focused on targets avoiding both overly aggressive pricing and overly conservative pricing.
Participate in the development of new products by leading the required actuarial analyses.
Responsible for decision making and sign-off related to monthly financial reporting process, including incurred but not reported claims estimates.
Oversees analysis of changes in provider reimbursements working closely with the CFO and the Professional Relations team.
Oversee all actuarial aspects of pricing and filing for Individual and Family products as well as Small Group products, including leading the pricing analysis and the preparation of Actuarial Memorandums, in a timely and accurate manner.
Direct implementation of new or improved processes through automation to ensure most effective service delivery.
Participates in internal and external audits.
Assist the CFO and the Budgeting/Planning team in preparing financial projections for claims based on the subscriber/member projections.
Provide analysis to ensure compliance with Delta Dental Plan Association mandates and product regulatory requirements.
Prepare renewal and other required analytical information for Public Programs.
Develop premium rates and other financial data in response to very large RFP's in support of the Underwriting team. Attend meetings and explain results as required.
Play the lead role in attracting, hiring, and retaining top actuarial talent.
Provide actuarial assistance on special projects as assigned.
REQUIRED KNOWLEDGE, SKILLS AND ABILITIES
This job requires candidates to be able to perform duties that include the following:
Well-versed in the calculation of frequency and severity of insurable events such as an accident, death, natural disaster or sickness.
Design, test, and administer policies to minimize risk and maximize the profitability of insurance policies, and to effectively communicate analysis and results related to proposals and calculations.
Explain proposals and findings to various parties, from company executives to clients, shareholders, and government officials.
High level of knowledge of dental insurance including premium rate development, provider reimbursement, determining IBNR claim reserves, and financial forecasting. A high level of analytical skills is required since the position involves managing and/or developing the design or maintenance of highly complex computer systems or programs such as the provider reimbursement system.
Strong knowledge and expertise regarding the larger health care environment including financial trend, utilization trend, dental procedure advancements and benefit designs.
Ability to negotiate with tact and diplomacy and deal with adversarial situations.
Self-motivated and able to work independently.
Understanding the insurance (and specifically dental) competitive marketplace.
Ability to communicate complex concepts or policies verbally or in writing, as this position often requires explanation of complex issues such as details of provider reimbursement to other people in the organization, including senior executives.
Organizational skills to keep multiple projects meeting deadlines and requirements.
Ability to understand and analyze policies and their implications regardless of whether specific to the corporation or the public at large.
Well-developed analytical skills to evaluate and determine appropriate courses of action.
Excellent problem solving, analytical, oral and written communication skills.
Interpersonal skills to deal with a variety of people and the professional demeanor to represent the company to external contacts.
Required: Demonstrated full proof of vaccination against COVID-19 prior to start date.
REQUIRED EDUCATION AND EXPERIENCE
Bachelor (4 year) degree in Actuarial Science, Mathematics, Statistics, Business, Economics, Computer Science, Finance, or related field.
Membership in the American Academy of Actuaries (MAAA) and Fellowship in the Society of Actuaries (FSA).
Extensive work experience in the health insurance industry with 10 years of actuarial experience.
Proven ability to exercise good judgment and make independent decisions.
Experience interacting with state or federal regulators preferred.
WORK ENVIRONMENT/PHYSICAL DEMANDS
Travel Requirements: Minimal
Weight Lifting Requirements: Up to 20 lbs.
Reports To: Executive Vice President and Chief Financial Officer
Directly Manages: Associate Actuaries
Internal Relationships: Executive Leadership, Underwriting Management and team members, Sales and Account Management Leadership and team members, Other Finance Management and team members and all levels of personnel from other corporate divisions.
External Relationships: Regulators, Customers, Brokers, Vendors and Outside Actuaries
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